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Bitcoin Moves past $1,000 for the First Time in 3 Years

The price of Bitcoin is on a rapid rise. The cryptocurrency broke through the $1,000 level for the first time in three years on Monday, as geopolitical uncertainty and asset hedging continued to lift Bitcoin higher.

Bitcoin has been on a steady uptrend in recent months. Investors increased their demand for the digital currency as they became more aware and interested in its decentralized features that allow it to be a good option for capital safe keeping.

The bulk of the demand for Bitcoin as a safe haven came from China, as the People’s Bank of China maintained its goal of devaluing the Chinese yuan at a time when the US dollar is growing stronger. Chinese investors sought safe haven assets for their capital that are still accessible under China’s capital control laws to avoid losses inflected by the local currency’s exchange rate. Chinese demand was one of the main drivers for recent spikes in Bitcoin’s price.